EX-99.4 5 a08-8910_1ex99d4.htm EX-99.4

Exhibit 99.4

 

Monthly Servicing Report

For

Applebees Enterprises LLC as Issuer

And

Applebee’s IP LLC & The Restaurant Holders as Co-Issuers

 

For the Payment Date of:

 

January 22, 2008

 

For the Monthly Collection Period of:

 

December

 

 

 

 

 

Initial Balance

 

Current Balance

 

 

 

 

 

 

 

 

 

Total:

 

$

1,869,000,000

 

$

1,869,000,000

 

 

Series 2007-1 A-1-A

 

$

22,500,000

 

$

22,500,000

 

 

Series 2007-1 A-1-X

 

$

52,500,000

 

$

52,500,000

 

 

Series 2007-1 A-2-I-X

 

$

350,000,000

 

$

350,000,000

 

 

Series 2007-1 A-2-II-A

 

$

675,000,000

 

$

675,000,000

 

 

Series 2007-1 A-2-II-X

 

$

650,000,000

 

$

650,000,000

 

 

Series 2007-1 M-1

 

$

119,000,000

 

$

119,000,000

 

 

1)

 

Partial Amortization Amount or Partial Amortization Shortfall Amount Due

o  Yes

x  No

 

 

 

 

 

2)

 

Rapid Amortization Event occurred and continuing

o  Yes

x  No

 

 

 

 

 

Cause of Rapid Amortization (if any):

 

 

a)

Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x

o

 

 

b)

The 12-Month U.S. system-wide sales is less than $3.75 billion

o

 

 

c)

Servicer Termination Event has occured

o

 

 

d)

Event of Default has occurred

o

 

 

e)

Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date

o

 

 

 

 

Rapid Amortization DSCR One Time Cure Right Available

x  Yes

o  No

 

 

 

 

 

3)

 

Event of Default

o  Yes

x  No

 

 

 

Current Payment Date

 

Last Payment Date

 

Current 3-Month AdjustedDSCR

 

N/A

 

N/A

 

Current 3-Month DSCR

 

N/A

 

N/A

 

Current 12-Month AdjustedDSCR

 

N/A

 

N/A

 

Current 12-Month DSCR

 

N/A

 

N/A

 

12-Month System-Wide Sales

 

4,514,061,353

 

0

 

Weighted Average Royalty Rate

 

3.95

%

0

 

Change in Franchised Stores

 

10

 

0

 

Change in Company Owned Stores Stores

 

1

 

0

 

 


 

Monthly Servicing Report

For

Applebees Enterprises LLC as Issuer

And

Applebee’s IP LLC & The Restaurant Holders as Co-Issuers

 

 

 

 

 

Total

 

Employer/

 

 

 

 

 

 

 

 

 

 

 

 

 

Debit Account #

 

Amount

 

Tax ID#

 

Bank

 

ABA #

 

Account Name

 

Account #

 

Reference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wires

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

22579602

 

$

783,277.78

 

 

 

Citibank

 

021-0000-89

 

LCPI Bank Loans Agency

 

30434141

 

Applebee’s Services, Inc. VFN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

22579602

 

$

16,894,489.79

 

 

 

 

 

 

 

 

 

 

 

Applebee’s Senior Note Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

22579609

 

$

1,472,404.19

 

 

 

 

 

 

 

 

 

 

 

Applebee’s Subordinated Note Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

22579601

 

$

12,500.00

 

 

 

Citibank

 

021-0000-89

 

LCPI Bank Loans Agency

 

30434141

 

Applebee’s Administrative Agent Fee - Jan 2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assured Guaranty

 

22579603

 

$

782,854.17

 

 

 

JPMorgan/Chase

 

021000021

 

Operating Acct

 

9102676450

 

Applebee’s Dec 2007 preimums

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo

 

22579606

 

$

7,722.39

 

 

 

Wells Fargo

 

 

 

 

 

22579600

 

TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applebee’s Services, Inc.

 

22579600

 

$

4,553,673.65

 

26-0783903

 

JPMorgan/Chase

 

021000021

 

Applebee’s

 

51-20314

 

December 2007 Residual

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Wires

 

 

 

$

24,506,921.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Monthly collections

 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers

 

 

 

 

 

Deposits to Concentration Account

 

 

 

 

 

Counted for Purposes
of DSCR Only

 

Franchisees

A)

Franchise Payments from Third Party Franchisees

 

 

 

 

 

 

Royalty Payment

 

$

9,508,341

 

Yes

 

Initial Franchise Fees

 

$

121,175

 

 

 

Transfer Fees

 

$

—

 

 

 

Renewal Fees

 

$

—

 

 

 

Licensing Fees payable to Third parties

 

 

 

 

 

Advertising Fees paid into the Concentration Account

 

 

 

 

 

Total Franchise Payments from Third Party Franchisees

 

$

9,629,516

 

 

 

 

 

 

 

 

 

B)

Development Payments

 

$

—

 

 

 

C)

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

Yes

 

 

 

 

 

 

 

I)

Insurance Proceeds

 

$

—

 

 

 

J)

Training Fee s

 

$

83,613

 

 

 

K)

Any other Third Party Reimbursement Amounts

 

$

—

 

 

 

L)

Other

 

$

313,586

 

Yes

 

M)

Any andvance payments from Third Party Franchisees

 

$

—

 

 

 

N)

(Less Returns, NSF etc.) - enter as a positive number

 

$

—

 

Yes

 

Franchisee Collections Received

 

$

10,026,715

 

 

 

 

 

 

 

 

 

From Restaurant Holder Accounts

A)

All Store Revenue - Cash Purchase

 

$

43,220,685

 

Yes

 

 I)

Insurance Restoration Receipts

 

$

—

 

 

 

Restaurant Holder Collections Received

 

$

43,220,685

 

 

 

 

 

 

 

 

 

From Credit Card Accounts

A)

All Store Revenue - Credit Card Purchase

 

$

76,661,059

 

Yes

 

Credit Card Collections Received

 

$

76,661,059

 

 

 

 

 

 

 

 

 

From Gift Card Reserve Account

A)

Amount of Gift Card Receipts owed to the Rest. Holders

 

$

3,895,359

 

Yes

 

B)

Excess Gift Card Reserve Amount

 

$

—

 

 

 

Credit Card Collections Received

 

$

3,895,359

 

 

 

 

 

 

 

 

 

Other

To Be Deposited into the Concentration Account

 

 

 

 

 

A)

Investment Income from all other Accounts (as applicable)

 

$

—

 

 

 

B)

(Less investment expenses and net losses)

 

$

—

 

 

 

Net Investment Income

 

$

—

 

Yes

 

C)

Series Hedge Agreements Receipts (as applicable)

 

$

—

 

Yes

 

D)

Any other Amounts owed relating to the Collateral

 

$

274,620

 

Yes

 

E)

Vendor Rebates

 

$

20,969

 

Yes

 

F)

IHOP Residual Amount

 

$

2,694,693

 

Yes

 

G)

Any Equity contributions

 

$

—

 

Yes

 

H)

Loan from Applebee’s Franchising, LLC

 

$

2,800,000

 

 

 

To Be Deposited into the Principal Payment Account

 

 

 

 

 

I)

Asset Disposition Amounts

 

$

—

 

 

 

J)

Defective Assets Payments / Indemnity Payments

 

$

—

 

 

 

Total “Other” Collections Received

 

$

5,790,282

 

 

 

 

 

 

 

 

 

Misdirected Funds

 

A)

Funds deposited to Cencentration Account in Error

 

$

5,944,644

 

 

 

 

 

 

 

 

 

Total Monthly monies collected (Inc. Excluded Amts)

 

$

145,538,744

 

 

 

Gross Monthly Collections

 

$

136,589,312

 

 

 

 


 

Resturant Holder Profits

 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers

 

 

 

 

 

Deposits to Concentration Account

 

 

 

 

 

 

A)

 

Resaurant Sales

 

 

 

 

 

Restaurant Gross Receipts Deposited into the Concentration Account

 

$

123,777,103

 

 

 

Less: Gift Card Sales transferred to Gift Card Account

 

$

(17,403,074

)

 

 

Less: Sales Tax transferred to Sales Tax Account

 

$

(7,686,802

)

 

 

Restaurant Sales

 

$

98,687,227

 

 

 

 

 

 

 

B)

 

Restaurant Holder’s Expenses paid from Concentration Account

 

 

 

 

 

Food and Beverage

 

$

20,387,615

 

 

 

Labor

 

$

40,033,279

 

 

 

Utilities

 

$

3,239,125

 

 

 

Other Controllables (including local advertising costs)

 

$

7,299,360

 

 

 

Occupancy Costs

 

$

5,409,774

 

 

 

Other Non-Controllables

 

$

615,735

 

 

 

Less:Vendor Rebates

 

$

(20,969

)

 

 

Subtotal of Operating Expenses Attributable

 

$

76,963,919

 

 

 

 

 

 

 

 

 

Weight Watcher fees (paid to 3rd party account)

 

$

66,595

 

 

 

Advertising (payable to the Advertising Reserve Account)

 

$

2,961,022

 

 

 

Lease Payments payable to the Lease Payment Account

 

$

—

 

 

 

 

 

 

 

 

 

Total Expenses

 

$

79,991,536

 

 

 

 

 

 

 

C)

 

Restaurant Holder Profits

 

$

18,695,691

 

 

 

Percentage of Monthly Sales

 

18.94

%

 


 

Weekly Waterfall Summary

 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

&

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers

 

 

 

 

 

 

 

 

 

Week 1

 

Week 2

 

Week 3

 

Week 4

 

Week 5

 

Totals

 

Beginning Concentration Account Balance

 

$

0

 

$

0

 

$

26,742,371

 

$

15,582,715

 

$

25,093,347

 

$

0

 

Total Cumulative monies collected (Inc. Excluded Amts)

 

$

0

 

$

49,998,209

 

$

30,699,027

 

$

35,897,584

 

$

28,943,924

 

$

145,538,744

 

 

Other Cash Deposits

 

 

 

$

3,038,407

 

$

96,052

 

$

103,226

 

$

0

 

$

3,237,685

 

 

Total Cumulative Weekly Collections

 

$

0

 

$

43,239,078

 

$

29,400,021

 

$

35,199,809

 

$

28,750,404

 

$

136,589,312

 

 

Total Cumulative IHOP Residual Amounts Received

 

$

0

 

$

0

 

$

0

 

$

368,773

 

$

2,325,920

 

$

2,694,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay

 

$

0

 

$

19,535,114

 

$

19,869,841

 

$

13,156,528

 

$

24,423,405

 

$

76,984,888

 

 

 

Prior Week Debt Service Payments

 

 

 

 

 

$

7,717,742

 

$

3,858,871

 

$

3,858,871

 

$

15,435,484

 

 

 

Prior Weekly Waterfall Payments

 

 

 

 

 

$

11,773,796

 

$

7,912,793

 

$

12,028,383

 

$

31,714,972

 

 

 

Prior week gift card redemptions due to Restaurant Holders

 

 

 

 

 

$

1,294,350

 

$

864,211

 

$

1,736,798

 

$

3,895,359

 

 

 

Total expended and committed funds

 

 

 

$

19,535,114

 

$

40,655,729

 

$

25,792,403

 

$

42,047,457

 

$

128,030,703

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Collections to be applied in Accordance w/ Weekly Waterfall

 

$

26,742,371

 

$

15,582,715

 

$

25,093,347

 

$

11,796,294

 

$

43,511,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I)

To the Operating Expense Account Account

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

A

Accrued and unpaid Govt. Taxes

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

B

Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II)

To the Sales Tax Account

 

$

0

 

$

2,925,824

 

$

1,491,199

 

$

1,672,575

 

$

1,597,204

 

$

7,686,802

 

 

 

A

Sales taxes payable

 

$

0

 

$

2,925,824

 

$

1,491,199

 

$

1,672,575

 

$

1,597,204

 

$

7,686,802

 

 

 

B

Any sales tax owed but not paid in accordance with II) A above

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

III)

To the Lease Payment Account

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

A

1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

B

Any Lease Payment owed but not paid in accordance with III) A above

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IV)

To the Gift Card Reserve Account

 

$

0

 

$

1,990,494

 

$

2,979,797

 

$

6,669,164

 

$

(2,273,526

)

$

9,365,929

 

 

 

A

Gift Card Sales payable to ACMC

 

$

0

 

$

3,284,844

 

$

3,844,008

 

$

8,405,962

 

$

1,868,260

 

$

17,403,074

 

 

 

B

ACMC Gift Card Redemptions due to restaurant holders

 

$

0

 

$

(1,294,350

)

$

(864,211

)

$

(1,736,798

)

$

(4,141,786

)

$

(8,037,145

)

 

 

C

Any Gift Card Sales owed but not paid in accordance with IV) A above

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

V)

To the Third Party Licensing Fee Account

 

$

0

 

$

28,555

 

$

12,836

 

$

13,287

 

$

11,917

 

$

66,595

 

 

 

A

Accrued and unpaid licensing or royalties fees payable to third parties

 

$

0

 

$

28,555

 

$

12,836

 

$

13,287

 

$

11,917

 

$

66,595

 

 

 

B

Any licensing fees owed but not paid in accordance with V) A above

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VI)

To the Advertising Fees Account

 

$

0

 

$

1,127,423

 

$

578,211

 

$

701,432

 

$

553,956

 

$

2,961,022

 

 

 

A

Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders

 

$

0

 

$

1,127,423

 

$

578,211

 

$

701,432

 

$

553,956

 

$

2,961,022

 

 

 

B

Any Advertising Fees owed but not paid in accordance with VI) A above

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VII)

To the Operating Expense Account

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

A

Previously accrued and unpaid Operating Expenses

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

B

Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIII)

To the Servicer

 

$

0

 

$

5,701,500

 

$

2,850,750

 

$

2,971,925

 

$

2,850,750

 

$

14,374,925

 

 

 

A

Weekly Servicing Fee

 

$

0

 

$

3,701,500

 

$

1,850,750

 

$

1,850,750

 

$

1,850,750

 

$

9,253,750

 

 

 

B

Any Servicing Fee owed but not paid in accordance with VIII) A above

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

C

Residual Certificates paid to Servicer

 

$

0

 

$

2,000,000

 

$

1,000,000

 

$

1,000,000

 

$

1,000,000

 

$

5,000,000

 

 

 

D

Any initial franchise fees, transfer fees, territory fees, or renewal fees

 

$

0

 

$

0

 

$

0

 

$

21,175

 

$

0

 

$

21,175

 

 

 

E

Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above

 

$

0

 

$

0

 

$

0

 

$

100,000

 

$

0

 

$

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Total Weekly Allocations

 

$

0

 

$

11,773,796

 

$

7,912,793

 

$

12,028,383

 

$

2,740,301

 

$

34,455,273

 

 

 

Less: Non-DSCR Expense

 

 

 

$

705,650

 

$

135,789

 

$

(615,623

)

$

(3,141,786

)

$

(2,915,970

)

 

 

DSCR Expenses in Weekly Allocations

 

 

 

$

11,068,146

 

$

7,777,004

 

$

12,644,006

 

$

5,882,087

 

$

37,371,243

 

 

 

Ending Concentration Account balance

 

$

0

 

$

14,968,575

 

$

7,669,922

 

$

13,064,964

 

$

9,055,993

 

$

9,055,993

 

 


 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers

 

 

 

 

 

 

 

 

 

Previous Remittances

 

Amount Owed

 

Collections
Remaining

 

 

 

 

 

 

 

 

 

 

 

Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture

 

$

5,197,122.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Earnings on the Trust accounts to be distributed

 

$

7,722.39

 

 

 

 

 

$

5,204,844.39

 

 

 

 

 

 

 

 

 

 

 

I

 

To the Operating Expense Account*

 

 

 

$

 0.00

 

$

5,204,844.39

 

 

 

 

i

 Accrued and unpaid Govt. Taxes

 

 

 

$

0.00

 

 

 

 

 

 

ii

 Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity

 

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

 

To Sales Tax Account

 

 

 

 

 

 

 

 

 

 

i

 Accrued plus unpaid Sales Taxes

 

 

 

$

0.00

 

$

5,204,844.39

 

 

 

 

 

 

 

 

 

 

 

 

 

III

 

To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)**

 

 

 

$

0.00

 

$

5,204,844.39

 

 

 

 

i

 Insurance Proceeds Amount

 

 

 

$

0.00

 

 

 

 

 

 

ii

 Asset Disposition Prepayment Amount

 

 

 

$

0.00

 

 

 

 

 

 

iii

 Indemnification Amount

 

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IV

 

To the Operating Expense Payment Account*

 

 

 

 

 

 

 

 

 

 

 

Previously accrued and unpaid Operating Expenses

 

 

 

$

0.00

 

$

5,204,844.39

 

 

 

 

 

 

 

 

 

 

 

 

 

V

A

To the Senior Notes Interest Payment Account

 

 

 

 

 

 

 

 

 

 

 

Senior Notes Monthly Interest Amount

 

17,094,109.00

 

$

583,658.57

 

$

4,621,185.82

 

 

B

To the Insurer Premiums Account

 

 

 

 

 

 

 

 

 

 

 

Accrued Insurer Premium Amount

 

755,625.00

 

$

27,229.17

 

$

4,593,956.65

 

 

C

To the Class A-1 Commitment Fees Account

 

 

 

 

 

 

 

 

 

 

 

Class A-1 Monthly Commitment Fees Amount

 

 

 

$

0.00

 

$

4,593,956.65

 

 

 

D

To the Hedge Payment Account

 

 

 

 

 

 

 

 

 

 

 

Hedge Payment Amount (excluding any termination payments)

 

 

 

$

0.00

 

$

4,593,956.65

 

 

 

 

 

 

 

 

 

 

 

 

 

VI

 

To each Insurer

 

 

 

 

 

 

 

 

 

 

 

Insurer Expense Amount

 

 

 

$

0.00

 

$

4,593,956.65

 

 

 

 

 

 

 

 

 

 

 

 

 

VII

 

To each Insurer

 

 

 

 

 

 

 

 

 

 

 

Insurer Reimbursement Amount

 

 

 

$

0.00

 

$

4,593,956.65

 

 

 

 

 

 

 

 

 

 

 

 

 

VIII

 

To the Class A-1 Administrative Agent

 

 

 

 

 

 

 

 

 

 

 

Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)

 

 

 

$

12,500.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

IX

 

To the Senior Notes Interest Reserve Account

 

 

 

 

 

 

 

 

 

 

 

Senior Notes Interest Reserve Deficit Amount

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

X

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

Any Supplemental Servicing Fee

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XI

 

To the Senior Notes Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

Any Partial Amortization Amount

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XII

 

To the Cash Trap Reserve Account

 

 

 

 

 

 

 

 

 

 

 

Any Cash Trap Reserve Amount

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XIII

 

To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured

 

 

 

 

 

 

 

 

 

 

 

The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XIV

 

To the Operating Expense Account

 

 

 

 

 

 

 

 

 

 

 

Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XV

 

To the Class A-1 Administrative Agent

 

 

 

 

 

 

 

 

 

 

 

Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XVI

 

Also To Class A-1 Administrative Agent

 

 

 

 

 

 

 

 

 

 

 

Any other amounts owed to the Class A-1 Note Administrative Agent

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XVII

 

To the Subordinated Notes Interest Payment Account

 

 

 

 

 

 

 

 

 

 

 

Any Partial Amortization Amount

 

1,444,621.19

 

$

27,783.00

 

$

4,553,673.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XVIII

 

Also, to the Subordinated Notes Interest Payment Account

 

 

 

 

 

 

 

 

 

 

 

Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes

 

 

 

$

0.00

 

$

4,581,456.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XIX

 

To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured

 

 

 

 

 

 

 

 

 

 

 

All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XX

A

To the Class A-1 Excess Interest Account

 

 

 

 

 

 

 

 

 

 

 

Class A-1 Excess Interest Amount

 

 

 

$

0.00

 

$

4,553,673.65

 

 

B

To the Sr. Notes Excess Adjusted Interest Account

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

$

0.00

 

$

4,553,673.65

 

 

C

To the Sr. Notes Monthly Contingent Additional Interest Account

 

 

 

 

 

 

 

 

 

 

 

Sr Notes Monthly Contingent Additional Interest Amount

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XXI

 

To Sub Notes Monthly Contingent Additional Interest Account

 

 

 

 

 

 

 

 

 

 

 

Sub Notes Monthly Contingent Additional Interest Amount

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XXII

 

To Hedge Payment Account

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

i

 Any accrued and unpaid Series Hedge Payment

 

 

 

$

0.00

 

 

 

 

 

 

ii

 Any other amounts payable to a Hedge Counterparty

 

 

 

$

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XXIII

 

To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)

 

 

 

 

 

 

 

 

 

 

 

Monthly Aggregate Extension Prepayment Amount

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XXIV

 

To the Sub Notes Principal Payment Account

 

 

 

 

 

 

 

 

 

 

i

 Lessor of

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

 

 (i) Monthly Sub Notes Amortization Amount

 

 

 

 

 

 

 

 

 

 

 

 (ii) Residual Threshold Amount

 

 

 

 

 

 

 

 

 

 

ii

 Any accrued and unpaid Sub Notes Principal Amortization  Amount (provided Residual Amount > [8.333mm])

 

 

 

$

0.00

 

$

4,553,673.65

 

 

 

 

 

 

 

 

 

 

 

 

 

XXV

 

To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

 

 

$

4,553,673.65

 

$

0.00

 

Debt Service Payents remitted during December

 

19,294,355.19

 

 

 

 

 

 

* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period.

** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account

 


 

Equity Contributions

 

1) Equity Contributions Made During Last 3 Months up to Maximum of 2

 

Date
Contributed

 

Amount
Contributed

 

Amount Able for
DSCR
Calculation

 

1

 

$

0

 

$

0

 

2

 

$

0

 

$

0

 

 

2) Equity Contributions Made During Current Calendar Year up to Maximum of 2

 

Date
Contributed

 

Amount
Contributed

 

 

 

1

 

$

0

 

 

 

2

 

$

0

 

 

 

 

3) Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity

 

Date
Contributed

 

Amount
Contributed

 

 

 

1

 

$

0

 

 

 

2

 

$

0

 

 

 

3

 

$

0

 

 

 

4

 

$

0

 

 

 

5

 

$

0

 

 

 

 


 

Applebees Enterprises LLC as Issuer

 

For the Weekly Payment Date of:

 

January 22, 2008

&

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant

 

 

 

 

 

Series 2007-1 Senior Interest Reserve Account

 

Wrapped Notes

 

Amount

 

Coupon

 

Surety Fee

 

90 Day Interest Reserve (1)

 

Series 2007 - 1 A-1-A

 

30,000,000

 

7.2725

%

0.7500

%

601,688

 

Series 2007 - 1 A-2-II-A

 

675,000,000

 

6.4267

%

0.7500

%

12,110,681

 

 

 

 

 

 

 

 

 

12,712,369

 

 

Unwrapped Notes

 

Amount

 

Coupon

 

Surety Fee

 

90 Day Interest Reserve

 

Series 2007 - 1 A-1-X

 

70,000,000

 

7.9225

%

n/a

 

1,386,438

 

Series 2007 - 1 A-2-I-X

 

350,000,000

 

7.2836

%

n/a

 

6,373,150

 

Series 2007 - 1 A-2-II-X

 

650,000,000

 

7.0588

%

n/a

 

11,470,550

 

Series 2007-1 M-1

 

119,000,000

 

8.4044

%

n/a

 

0

 

 

 

 

 

 

 

 

 

19,230,138

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve required

 

31,942,506

 

 

 

 

 

Beginning Balance

 

$

31,942,506

 

 

 

 

Plus Deposits

 

$

7,723

 

 

 

 

Less Withdrawals

 

$

—

 

 

 

 

Ending Balance

 

$

31,950,229

 

 

 

 

 

 

 

 

 

 

 

Excess(Deficit)

 

$

7,723

 

 

Series 2007-1 Senior Cash Trap Account

 

 

 

 

Beginning Balance

 

$

—

 

 

 

 

Plus Deposits

 

$

—

 

 

 

 

Less Withdrawals

 

$

—

 

 

 

 

Ending Balance

 

$

—

 

 

 

 

Required Amount

 

$

—

 

 

 

 

Deposit Required

 

$

—

 

 

(1) -   If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest.

 


 

DSCR Calculations

 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers

 

 

 

 

 

Calculation of Adjusted 3-Month DSCR

 

 

 

For the Payment Date of:

 

January 22, 2008

 

 

For the Monthly Collection Period of:

 

December

 

Monthly Periods used in calculation of DSCR

 

 

 

 

 

 

 

 

 

 

 

December

Retained Collections

 

$

—

 

$

59,604,424

 

 

  

-Total Monthly DSCR Expenses

 

$

37,371,243

 

 

 

 

 

$

22,233,181

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

10,456,484.00

 

November

Retained Collections

 

$

—

 

$

—

 

 

  

-Total Monthly DSCR Expenses

 

$

—

 

 

 

 

 

$

—

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

—

 

October

Retained Collections

 

$

—

 

$

—

 

 

  

-Total Monthly DSCR Expenses

 

$

—

 

 

 

 

 

$

—

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

—

 

 

 

 

 

 

 

Current Payment Date Adjusted DSCR Ratio

 

2.126

 

 

 

 

Event Occur?

 

% to Trap (if
Applicable)

 

 

Cash Trapping Event?

 

N

 

0.00

%

 

Rapid Amortization Event?

 

N

 

 

 

 

Servicer Termination Event / EOD?

 

N

 

 

 

 

Calculation of 3-Month DSCR

 

 

 

0

 

January 0, 1900

 

 

0

 

January 0, 1900

 

Monthly Periods used in calculation of DSCR

 

 

 

 

 

 

 

 

 

 

 

December

Retained Collections

 

$

—

 

$

56,909,731

 

 

  

-Total Monthly DSCR Expenses

 

$

37,371,243

 

 

 

 

 

$

19,538,488

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

10,456,484.00

 

November

Retained Collections

 

$

—

 

$

—

 

 

  

-Total Monthly DSCR Expenses

 

$

—

 

 

 

 

 

$

—

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

—

 

October

Retained Collections

 

$

—

 

$

—

 

 

  

-Total Monthly DSCR Expenses

 

$

—

 

 

 

 

 

$

—

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

—

 

 

 

 

 

 

 

 

 

Current Payment Date DSCR Ratio

 

1.869

 

 

12-Month Adjusted DSCR

12-Month DSCR

 


 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers

 

 

 

 

 

 

 

($ In Thousands)

 

 

 

Monthly

 

Numerator

 

 

 

 

 

Operating Lease Expense - (Current Month)

 

8,465

 

 

Annualized Operating Lease Expense

 

101,585

 

1

Grossed Up Annualized Operating Lease Expense - (Annual * 8)

 

812,678

 

 

 

 

 

 

      +

All Trust Debt

 

2,339,000

 

 

IHOP

 

445,000

 

 

Applebees

 

1,894,000

 

 

All other Applebee’s Corporate Debt

 

3,728

 

 

All Other IHOP Corp Debt

 

170,460

 

2

Total Indebtedness

 

2,513,188

 

 

 

 

 

 

 

Total Adjusted Debt

 

3,325,866

 

 

 

 

 

 

Denominator

 

 

 

 

1

EBITDA

 

362,087

 

+     2

Operating Lease Expense

 

101,585

 

 

EBITDAR

 

463,672

 

 

 

 

 

 

 

Consolidated Leverage Ratio

 

7.2

 

 


 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers

 

 

 

 

 

Company Owned Stores in U.S.

 

Beginning

 

509

 

Plus New Stores

 

2

 

Plus Stores taken back from Franchisee

 

0

 

Less Refranchised

 

0

 

Less Store Closures

 

1

 

Ending Balance

 

510

 

 

 

 

 

Franchised Stores in U.S.

 

Beginning

 

1,348

 

Plus New Stores

 

8

 

Plus Refranchised

 

0

 

Less Stores taken by Franchisor

 

0

 

Less Store Closures

 

2

 

Ending Balance

 

1,354

 

 

 

 

 

Company Owned Stores outside of U.S.

 

Beginning

 

1

 

Plus New Stores

 

0

 

Plus Stores taken back from Franchisee

 

0

 

Less Refranchised

 

0

 

Less Store Closures

 

0

 

Ending Balance

 

1

 

 

 

 

 

Franchised Stores outside of U.S.

 

Beginning

 

107

 

Plus New Stores

 

4

 

Plus Refranchised

 

0

 

Less Stores taken by Franchisor

 

0

 

Less Store Closures

 

0

 

Ending Balance

 

111

 

 

 

 

 

APPB U.S. System-Wide Sales For Last 12 Months

 

$

4,514,061,353

 

Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion

 

YES

 

Weighted Average Royalty Rate

 

3.95

%

 


 

Applebees Enterprises
LLC as Issuer

 


For the Weekly Payment Date of:

 


January 22, 2008

&

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC &
The Restaurant Holders
as Co-Issuers

 

 

 

 

 

Series 2007-1 A-I-A

 

 

 

 

 

 

Beginning

 

$

22,500,000

 

Wrapped

 

Amortization

 

$

—

 

 

 

Draw Down

 

$

—

 

 

 

Ending

 

$

22,500,000

 

 

 

 

 

 

 

 

 

Commitment Amount

 

$

30,000,000

 

 

 

Available Amount

 

$

7,500,000

 

 

 

 

 

 

 

 

 

Series 2007-1 A-1-X

 

 

 

 

 

 

Beginning

 

$

52,500,000

 

Unwrapped

 

Amortization

 

$

—

 

 

 

Draw Down

 

$

—

 

 

 

Ending

 

$

52,500,000

 

 

 

 

 

 

 

 

 

Commitment Amount

 

$

70,000,000

 

 

 

Available Amount

 

$

17,500,000

 

 

 

 

 

 

 

 

 

Series 2007-1 A-2-1-X

 

 

 

 

 

 

Beginning

 

$

350,000,000

 

Unwrapped

 

Amortization

 

$

—

 

 

 

Ending

 

$

350,000,000

 

 

 

 

 

 

 

 

 

Series 2007-1-A-2-II-A

 

 

 

 

 

 

Beginning

 

$

675,000,000

 

Wrapped

 

Amortization

 

$

—

 

 

 

Ending

 

$

675,000,000

 

 

 

 

 

 

 

 

 

Series 2007-1 A-2-II-X

 

 

 

 

 

 

Beginning

 

$

650,000,000

 

Unwrapped

 

Amortization

 

$

—

 

 

 

Ending

 

$

650,000,000

 

 

 

 

 

 

 

 

 

Series 2007-1-M-1

 

 

 

 

 

 

Beginning

 

$

119,000,000

 

 

 

Amortization

 

$

—

 

 

 

Ending

 

$

119,000,000

 

 

 

 

Series 2007-1 A-1 -A Draw#1

 

 

 

 

 

 

Amount

 

$

22,500,000

 

 

 

Date

 

11/29/2007

 

 

 

LIBOR

 

5.0700

%

 

 

Spread

 

2.2050

%

 

 

Total Coupon

 

7.2750

%

 

 

Interest Due This Period

 

$

31,828

 

 

 

Cumulative Interest Due

 

$

209,156

 

46 days

 

 

 

 

 

 

 

Series 2007-1 A-1 -X Draw#1

 

 

 

 

 

 

Amount

 

$

52,500,000

 

 

 

Date

 

11/29/2007

 

 

 

LIBOR

 

5.0700

%

 

 

Spread

 

2.8550

%

 

 

Total Coupon

 

7.9250

%

 

 

Interest Due This Period

 

$

80,901

 

 

 

Cumulative Interest Due

 

$

531,635

 

46 days

 

 


 

Applebees Enterprises LLC as Issuer

 

For the Weekly Payment Date of:

January 22, 2008

&

 

For the Monthly Collection Period of:

December

Applebee’s IP LLC & The Restaurant Holders as Co-Issuers

 

Reconciliation of Indenture Trust Accounts - weekly For December

 

 

 

 

 

 

 

 

 

Day 1 Funding

 

Nov. 26 thru Dec 9

 

Week Ended 12/16

 

Week ended 12/23

 

Week ended 12/30

 

1

 

Concentration Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

26,848,639

 

15,582,715

 

25,687,896

 

 

 

 

 

Plus Deposits

 

$

0.00

 

46,383,753

 

29,496,073

 

35,897,584

 

28,943,924

 

 

 

Less Withdrawals

 

$

0.00

 

(19,535,114

)

(40,761,997

)

(25,792,403

)

(42,642,006

)

 

 

Ending Balance

 

 

 

$

0.00

 

26,848,639

 

15,582,715

 

25,687,896

 

11,989,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Operating Expense Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Sales Tax Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

5,800,000

 

5,800,000

 

8,758,301

 

9,452,827

 

 

 

Plus Company Store Contribution

 

$

5,800,000.00

 

0

 

2,925,824

 

1,491,199

 

1,672,575

 

 

 

Plus: Excluded Asset deposits

 

 

 

0

 

32,477

 

13,913

 

14,112

 

 

 

Other deposits

 

 

 

0

 

0

 

25,862

 

 

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

(836,448

)

(1,998,918

)

 

 

Ending Balance

 

 

 

$

5,800,000.00

 

5,800,000

 

8,758,301

 

9,452,827

 

9,140,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Lease Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

Gift Card Reserve Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

6,100,000

 

6,100,000

 

8,090,494

 

11,934,502

 

 

 

 

 

Plus Deposits

 

$

6,100,000.00

 

0

 

3,284,844

 

3,844,008

 

8,405,962

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

(1,294,350

)

 

 

(1,736,798

)

 

 

Ending Balance

 

 

 

$

6,100,000.00

 

6,100,000

 

8,090,494

 

11,934,502

 

18,603,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

Third Party Licensing Fee Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

 

 

400,000

 

530,542

 

531,836

 

591,189

 

 

 

 

 

Plus: Deposits

 

 

 

130,542

 

68,503

 

63,641

 

90,393

 

 

 

Plus Company Store Contribution

 

$

400,000.00

 

0

 

28,555

 

12,836

 

13,287

 

 

 

Plus: Excluded Asset deposits

 

 

 

0

 

288

 

101

 

100

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

(96,052

)

(17,225

)

0

 

 

 

Ending Balance

 

 

 

$

400,000.00

 

530,542

 

531,836

 

591,189

 

694,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 

Advertising Fees Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

4,000,000

 

4,000,000

 

3,309,222

 

10,073,575

 

 

 

Plus: Direct Deposits

 

$

0.00

 

0

 

3,439,110

 

6,254,659

 

690,065

 

 

 

Plus Company Store Contribution

 

$

4,000,000.00

 

0

 

1,127,423

 

578,211

 

701,432

 

 

 

Plus: Excluded Store Deposits

 

$

0.00

 

0

 

12,498

 

5,039

 

5,762

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

(5,269,809

)

(73,556

)

(79,579

)

 

 

Ending Balance

 

 

 

$

4,000,000.00

 

4,000,000

 

3,309,222

 

10,073,575

 

11,391,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Capital Expenditure Reserve Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Indemnification / Insurance proceeds /
Asset Disposition Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

839,589

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

839,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

Franchise Holder Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

2,000,000

 

2,000,000

 

2,000,000

 

2,000,000

 

 

 

 

 

Plus Deposits

 

$

15,000,000.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

(13,000,000.00

)

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

2,000,000.00

 

2,000,000

 

2,000,000

 

2,000,000

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Collateral Account (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

20,746,329

 

20,750,522

 

20,750,522

 

20,750,522

 

 

 

 

 

Plus Deposits

 

$

20,746,329.00

 

4,193

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

20,746,329.00

 

20,750,522

 

20,750,522

 

20,750,522

 

20,750,522

 

 

(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an  unsecuritized entity.

 


 

Applebees Enterprises LLC as Issuer

 

For the Weekly Payment Date of:

January 22, 2008

&

 

For the Monthly Collection Period of:

December

Applebee’s IP LLC & The Restaurant Holders as Co-Issuers

 

 

Reconciliation of Indenture Trust Accounts - weekly For December

 

 

 

 

 

 

 

 

 

Day 1 Funding

 

Nov. 26 thru Dec 9

 

Week Ended 12/16

 

Week ended 12/23

 

Week ended 12/30

 

12

 

Applebee’s Enterprises, LLC Main Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

11,500

 

11,500

 

11,500

 

 

 

Plus Deposits

 

$

0.00

 

11,500

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

(1,500

)

 

 

Ending Balance

 

 

 

$

0.00

 

11,500

 

11,500

 

11,500

 

10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

Collection Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

7,717,761

 

3,858,871

 

3,858,871

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

(7,717,761

)

(3,858,871

)

(3,858,871

)

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

Senior Notes Interest Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

6,837,643

 

10,256,465

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

6,837,643

 

3,418,822

 

3,418,822

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

6,837,643

 

10,256,465

 

13,675,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

 

Insurer Premiums Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

302,250

 

453,375

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

302,250

 

151,125

 

151,125

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

302,250

 

453,375

 

604,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

 

Class A-1 Commitment Fees Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

Senior Notes Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

Senior Notes Interest Reserve Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

31,942,506

 

31,950,229

 

31,950,229

 

31,950,229

 

 

 

 

 

Plus Deposits

 

$

31,942,506.25

 

7,722

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

31,942,506.25

 

31,950,229

 

31,950,229

 

31,950,229

 

31,950,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

Senior Notes Contingent Additional Interest Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Subordinated Note Interest Payment Acount

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

577,849

 

866,773

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

577,849

 

288,924

 

288,924

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

577,849

 

866,773

 

1,155,697

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

Subordinated Note Principal Payment Acount

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Subordinated Note Contingent Additional Interest Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23

 

Hedge Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

Cash Trap Reserve Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

Series 2007-1 Distribution Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

Series 2007-1 AI Distribution Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

Series 2007-1 A2IDistribution Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

 

Series 2007-1 A2II Distribution Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

Series 2007-1 Class M-1 Distribution Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

Senior Notes Excess Adjusted Interest Account

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

 

 

Plus Deposits

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Less Withdrawals

 

$

0.00

 

0

 

0

 

0

 

0

 

 

 

Ending Balance

 

 

 

$

0.00

 

0

 

0

 

0

 

0

 

 


 

Asset Dispositions

 

 

 

 

After-Tax Net Proceeds Received in Monthly Collection Period

 

$

—

 

Pro-Forma EBITDAR Consolidated Leverage Ratio

 

7.2

 

Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no)

 

 

 

After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes

 

$

0

 

 

 

 

 

After-Tax Net Proceeds Received in Calendar Year

 

 

 

Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)

 

$

0

 

Amount Above Annual Threshold after taking into consideration amounts received this Month

 

$

0

 

 

 

 

 

After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts

 

$

0

 

 

 

 

 

After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts

 

$

0

 

After-Tax Net Proceeds Received within 150-180 days

 

$

0

 

 

 

 

 

Pro-Forma DSCR as of Current payment date

 

 

 

Pro-Forma DSCR as of Closing date

 

 

 

After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes

 

$

0

 

After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes

 

$

0

 

 

 

 

 

Senior ABS Leverage Ratio(Sr APPB Sec Debt/ Securitization EBITDA)

 

 

%

assumes that variable funding notes are fully drawn

 

 

 

 

 

 

 

Insurance Proceeds

 

 

 

 

Insurance Proceeds Received in Monthly Collection Period

 

$

—

 

 

 

 

 

Insurance Proceeds Received in Calendar Year

 

$

0

 

Calendar Year Threshold

 

$

10,000,000

 

Amount Above Annual Threshold after taking into consideration amounts received this Month

 

$

—

 

 

 

 

 

Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts

 

$

0

 

Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts

 

$

0

 

 

 

 

 

Pro-Forma DSCR as of Current payment date

 

 

 

Pro-Forma DSCR as of Closing date

 

 

 

Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes

 

$

0

 

Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes

 

$

0

 

 

 

 

 

Reinvested Amounts

 

 

 

 

Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date

 

$

0

 

Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days

 

$

0

 

 

Pro-Forma Consolidated Leverage Ratio

 

 

 

 

Numerator

 

 

 

 

Monthly

 

 

 

 

Operating Lease Expense - (current Month)

 

8,465

 

 

 

 

Annualized Operating Lease Expense

 

$

101,585

 

 

 

1

Grossed Up Annualized Operating Lease Expense - (Annual * 8)

 

$

812,678

 

 

 

 

 

 

 

 

 

+

 

All Trust Debt (before Asset Disposition)

 

$

 2,339,000

 

 

 

 

IHOP

 

$

445,000

 

 

 

 

Applebees

 

$

1,894,000

 

 

 

 

All Other Applebee’s Corp Debt

 

$

3,728

 

 

 

 

All Other IHOP Corp Debt

 

$

170,460

 

 

 

2

Total Indebtedness

 

$

2,513,188

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted Debt

 

$

 3,325,866

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

1

EBITDA

 

$

362,087

 

 

+

2

Operating Lease Expense

 

$

101,585

 

 

 

 

EBITDAR

 

$

463,672

 

 

 

 

 

Consolidated Leverage Ratio

 

7.2

 

 

 

 

 

 

Pro-Forma EBITDA

 

$

 362,087

 

 

Pro-Forma EBITDAR Leverage Ratio

 

7.2

 

 

 

 

 

 

After-Tax Net Proceeds Received in Monthly Collection Period

 

 

 

After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes

 

$

0

 

 

 

 

 

Pro-Forma EBITDAR Leverage Ratio

 

7.2

 

 


 

Applebees Enterprises LLC as

 

 

 

 

Issuer

 

For the Payment Date of:

 

January 22, 2008

&

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The
Restaurant Holders as Co-
Issuers

 

 

 

 

 

Non-trust deposits to Concentration Account

Amounts Previously Transferred

 

A)

Preclose store cash deposits deposited to concentration account

 

$

1,762,933.00

 

B)

Advertising fees paid into the concentration account

 

$

1,974,352.00

 

C)

Excluded Store credit card settlements

 

$

359,930

 

D)

ACMC Credit Card sales

 

$

506,822

 

E)

International Franchise Payments

 

$

395,241

 

F)

Reimbursement of employee related costs

 

$

197,358

 

G)

Income Tax Refunds

 

$

304,134

 

H)

State of Kansas Development Grant on new Support Center

 

$

337,501

 

I)

Vendor G&A reimbursements

 

$

43,200

 

J)

Sales Tax Refund

 

$

25,862

 

K)

Weight Watchers

 

$

2,781

 

L)

Insurance proceeds

 

$

8,445

 

M)

Miscellaneous

 

$

26,085

 

 

 

 

 

 

 

Total Misdirected funds deposited to Concentration Account

 

$

5,944,644

 

 


 

Applebees Enterprises LLC as Issuer

 

For the Payment Date of:

 

January 22, 2008

And

 

For the Monthly Collection Period of:

 

December

Applebee’s IP LLC & The Restaurant Holders as Co-

 

 

 

 

Issuers

 

 

 

 

 

Non Conforming Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Count

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Bucket

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Most Recent Annual

 

Most Recent Annual

 

 

 

 

 

 

 

Store #

 

Franchisee

 

Store Type

 

Reason

 

Previous
Royalty Rate

 

Current
Royalty
Rate

 

Annual
Sales

 

Franchisee
Lease Payments

 

Franchise & Equipment
Note Payments

 

Master Lease Payments

 

Rent Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Bucket

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Royalty Rate

 

0.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

# of Stores under Premier Program or other similar programs with a Royalty Holiday

 

0